Ann: Appendix 4C and Quarterly Activities Report, page-6

I desperately want to be optimistic about this one (but am struggling!!)

The best I can come up with is;

June qtr cash receipts should be much better than Mar. Last year receipts totalled $417k. Being optimistic on new sales plus the invoiced but not received sales deferred from Q1, lets assume cash receipts in Q2 can hit $500k. If expenses can drop a little (due to one-offs such as audit fees paid in Q1) to say 950k (from 984k in Q1) that leaves a cash burn of 450k, resulting in a likely cash balance at end Q2 of $872k. This combined with the $200k of undrawn credit facilities, will result in total available funding of $1,072k which will = 2.4 x quarterly cash burn.

So maybe they can just scrape by without (yet another!!) cap raise in the next few months, giving them a bit more time for the Origin / Intellihub / Sylvania / CarbonView rivers of gold to start flowing!

Still - hardly a strong case to justify issuing the Board 33m free options at the AGM!!